Eclipse Announces Investment Deal With Amsterdam Company

ALBUQUERQUE, N.M.(AP) – Eclipse Aviation CEO and president Vern Raburn says a company from Holland will invest more than $100 million in the Albuquerque manufacturer of the very light jet plane called the Eclipse 500.

Raburn says the equity investment by Amsterdam-based European Technology and Investments Research Center Aviation, or ETIRC, will provide much-needed financing after Eclipse failed to meet 2007 production goals.

The partnership will expand Eclipse’s business into Europe, Russia and Turkey. ETIRC will establish an assembly plant in its territory.

Ulyanovsk, Russia is the leading candidate for the plant. Raburn says the deal will not mean lower production in Albuquerque. He says Eclipse will hire 700 employees this year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)